Georgia state regulators closed the Eastside Commercial Bank, Conyers, Georgia, and appointed the FDIC as receiver. In order to protect depositors, the FDIC sold Eastside Commercial Bank to Community & Southern Bank, Atlanta, Georgia, which will assume all deposits of the failed bank. Eastside Commercial Bank did not even last a decade, having been founded […]
Eastside Commercial Bank, Conyers, GA, Becomes 13th Bank Failure of 2014
July 18, 2014 By Leave a Comment
AztecAmerica Bank, Berwyn, Illinois, Seventh Bank Failure of 2014
May 16, 2014 By Leave a Comment
AztecAmerica Bank, Berwyn, Illinois was closed today by state regulators and the FDIC was named as receiver. Founded in September 2005 at the height of the real estate boom, AztecAmerica remained a small bank with assets of only $66 million at the time of its failure. The Bank was founded with the intent of appealing […]
The Bank of Union, El Reno, OK, Becomes Second Bank Failure of 2014
January 24, 2014 By Leave a Comment
The second bank failure of 2014 occurred today when regulators closed down The Bank of Union, El Reno, OK. Founded in 1900, The Bank of Union had survived financial panics, depressions and two world wars but found itself unable to cope with a massive amount of defaulted loans. As of September 30, 2013, The Bank […]
Westside Community Bank, Washington, Closed By Regulators – First Bank Failure of 2013
January 11, 2013 By Leave a Comment
Westside Community Bank, University Place, Washington, became the first bank closing of 2013. Regulators from the Washington State Department of Financial Institutions closed the bank today and appointed the FDIC as receiver. To protect depositors, the FDIC sold failed Westside Community Bank to Sunwest Bank, Irvine, CA. Westside Community Bank was established in March 1995. […]
FDIC Issues 48 Enforcement Actions In June
July 27, 2012 By Leave a Comment
The FDIC announced in a press release today a total of 48 enforcement actions taken against banks and individuals in June 2012. In May, the FDIC issued 56 enforcement actions. Enforcement actions issued in June included three consent orders, two prompt corrective actions, nine removal and prohibition orders, twelve civil money penalties, five modifications of […]
Montgomery Bank & Trust, Georgia, Closed By Regulators
July 6, 2012 By Leave a Comment
Montgomery Bank & Trust, a long time presence in Ailey, Georgia, was closed today by the Georgia Department of Banking and Finance. Montgomery Bank and Trust, which had been in business since 1926, became insolvent after a large amount of borrowers defaulted on their loans. The FDIC was appointed as receiver and sold the failed […]
McIntosh State Bank of Georgia Closed By Regulators
June 17, 2011 By Leave a Comment
McIntosh State Bank, Jackson, Georgia, established in 1964 as a community oriented, full service commercial bank, was closed today by the Georgia Department of Banking and Finance, which appointed the FDIC as receiver. The FDIC sold the failed bank to Hamilton State Bank, Hoschton, Georgia. Hamilton State Bank will assume all deposits and purchase all […]
FDIC Enforcement Actions Issued On 32 Problem Banks – Is Your Bank On This List?
July 30, 2010 By 1 Comment
July 30, 2010 – The FDIC today released a list of orders of enforcement actions taken against banks and individuals. A total of 29 cease and desist consent orders and 3 prompt corrective actions orders were issued. The Federal Deposit Insurance Corporation, the federal agency in charge of safeguarding the nation’s bank deposits, maintains a […]
Troubled Asset Ratio Good Predictor Of Failed Banks
October 1, 2009 By Leave a Comment
Many Bank Failures Easy To Predict Evaluating the financial health of a bank is a complex process which requires an in depth analysis of a bank’s financial statements. Most bank depositors would be ill equipped to assess whether or not a particular bank might be in financial difficulty. There is, however, one simple concept […]